Iran has announced plans to boost its oil production by 500,000b/d, taking advantage of the final removal of sanctions in mid January, said Reuters.

Plans are already under way to boost production from oilfields Iran shares with its neighbor Iraq, with a daily increase of 200,000 barrels from the joint fields – North Azadegan, South Azadegan, North Yaran, South Yaran, and Yadavaran, wrote Press TV. Iranian Petroleum Minister, Bijan Nadar Zangeneh, added that the increase would take place within eight months, to be followed by a further surge to 700,000b/d in the years to come.

There is also a big push for petrochemicals products and expnasion in refining to process up to 3mb/d, in comparison with the current 1.7m, said Zangeneh.